Chetrit Organization Refinances Midtown East Office Building With $350M Loan From HPS Investment Partners

The property involved in this transaction is an office located at 850 Third Avenue in Midtown East. The office space spans approximately 608,000 square feet.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $350,000,000
• Address: 850 Third Avenue
• Market: Midtown East
• Lender: HPS Investment Partners - Joseph Tansey & Patrick Crosetto
• Landlord: Chetrit Organization - Michael Chetrit
• Broker: Iron Hound Management - Robert Verrone & Frank Meli
• Loan Type: Refinance
• Loan Terms: $320,000,000 of initial funding with a $30,000,000 future funding facility

Robert Verrone and Michael Chetrit are depicted in the accompanying image. The loan for this transaction was provided by HPS Investment Partners, represented by Joseph Tansey and Patrick Crosetto. The Chetrit Organization, led by Michael Chetrit, serves as the landlord. The deal was facilitated by Iron Hound Management, with Robert Verrone and Frank Meli representing the brokerage.